Initial Public Offerings: Updated Statistics - Websites

1 1 Initial Public Offerings: Updated Statistics Jay R. Ritter Cordell Eminent Scholar, Eugene F. Brigham Department of Finance, Insurance, and Real Estate Warrington College of Business, University of Florida voice April 8, 2022 Table 1: Mean First-day Returns and Money Left on the Table, 1980-2021 Table 1a: Also including the post-issue aggregate market value, 1980-2021 Table 2: Mean First-day Returns, Categorized by Sales, for IPOs from 1980-2021 Table 3: First-day Turnover Categorized by Decade and First-Day Return, 1983-2021 Table 3b: First-day Turnover Categorized by NYSE and Nasdaq Listings, 1983-2021 Table 4.

2 Median Age and Fraction of IPOs with VC- and Buyout-backing, 1980-2021 Table 4a: Median Price-to sales Ratios of Tech-stock IPOs, 1980-2021 Table 4b: profitability and Median Sales of Technology and Biotech IPOs, 1980-2021 Table 4c: The number of VC-, Growth Capital-, and Buyout-backed IPOs, 1980-2021 Table 4d: VC-backed IPOs, restricted to those headquartered in the , 1980-2021 Table 4e: Proceeds and Post-issue market value of tech stock IPOs, 1980-2021 Table 4f: Mean and Median inflation-adjusted Proceeds and Market Cap, 1980-2021 Table 4g: Biotech IPOs (Median age, Mean underpricing, # with sales>0, # with EPS>0), 1980-2021 Table 4h: Technology Company IPO Underpricing, 1980-2021 Table 5: Number of U.

3 S. IPOs with an offer price of greater than $ that doubled (offer to close) in price on the first day of trading, 1997-2021 Table 6: Number of Initial Public Offerings, First-Day Return, and Revisions from the File Price Range by Cohort Year, 1990-2021 Table 7: Percentage of IPOs Relative to File Price Range, 1980-2021 Table 8: Number of Offerings, Average First-day Returns, and Gross Proceeds of Initial Public Offerings in 1960-2021, by Year Table 9: Fraction of IPOs with Negative Earnings, 1980-2021 Table 10: Gross Spreads Continue to Remain at 7% on Moderate-Size Deals, 2001-2021 Table 11: Mean and Median Gross Spreads and Number of Managing Underwriters, 1980-2021 Table 12: Number of IPOs Categorized by the LTM Sales Over/Under $50 million (2005 $), 1980-2021 Table 12a: Median Market Cap and Pre-IPO Sales (2005 $), and Median Price-to-sales ratio, 1980-2021 Table 12b: Number of IPOs Categorized by the LTM Sales Over/Under $1 billion (2011 $), 1980-2021 Table 13: IPO Auctions in the , 1999-2021 Table 13a.

4 Direct Listings in the , 2018-2021 Table 14: The Market Share of Foreign Companies Among Listings, 1980-2021 Table 15: How Many IPOs are There? 1980-2021 Table 15a: Closed-end Funds, REITs, and SPACs, and IPO Volume and Average First-day Returns with Banks, LPs, and ADRs Included, 1980-2021 Table 15b: SPACs, 1990-2021 Table 16: Long-run Returns on IPOs Categorized by the Pre-issue Sales of the Firm, 1980-2020 Table 16a: Long-run Returns on IPOs Categorized by $1 Billion Sales of the Firm, 1980-2020 Table 16b: Long-run Returns on IPOs Categorized by the profitability of the Firm, 1980-2020 Table 16c.

5 Long-run Returns Measured from the Offer Price on Tech and non-Tech Stock IPOs Excluding the Internet Bubble, 1980-2019 Table 16d: Long-run Returns Measured from the First Closing Market Price on Tech and non-Tech Stock IPOs Excluding the Internet Bubble, 1980-2019 Table 16e: Distribution of 5-year Buy-and-Hold Returns on IPOs, 1975-2015 Table 16f: Aftermarket Returns with and without Including the First-day Return, 1980-2020 2 Table 17: Long-run Returns on IPOs Categorized by VC-backing or Buyout Fund-backing Table 17a: Long-run Returns on IPOs Categorized by VC-, Growth Capital-, or Buyout Fund-backing Table 18: Long-run Returns on IPOs Categorized by VC-backing, by Subperiod Table 19: Table I of Ritter and Welch 2002 Journal of Finance article: Number of IPOs, First-day Returns, and Long Run Performance, 1980 to 2020 (returns through Dec.)

6 31, 2021) Table 20: Returns by Event Year for the First Five Years after the IPO for IPOs from 1980-2019 Table 21: Mean and Median Public Float, 1980-2021 Table 22: Non-distress Delistings within Three Years of the IPO Table 23: Dual Class IPOs, by Tech and Non-tech,1980-2021 Table 24: Long-run Returns for Dual Class and Single Class IPOs Figure 1: First-day Turnover Categorized by Decade and First-Day Return, 1983-2018 Figure 2: Fraction of IPOs with Negative EPS and Fraction of Tech Stocks, 1980-2021 Figure 3: Mean and Median Public Float, 1980-2021 Figure 4: Average First-day Return and Aggregate Amount of Money Left on the Table, 1990-2021 Figure 5: Number of IPOs and Average First-day Return, 1980-2021 Figure 6.

7 Number and Percentage of IPOs from Chinese Companies, 1990-2021 311 operating companies went Public in the in 2021, excluding ADRs, natural resource limited partnerships and trusts, closed-end funds, REITs, SPACs, banks and S&Ls, unit offers, penny stocks (offer price of less than $5 per share), and stocks not listed on Nasdaq or the NYSE (including NYSE MKT LLC, the former American Stock Exchange). For 2016, I have included BATS Global Markets, which went Public in April, but was listed on BATS before being acquired by CBOE Holdings in 2017.

8 Of these 311 operating companies, 262 were from the A higher volume figure has been reported in many sources (over 1,000 counting all offerings), but the higher numbers typically include not only operating companies (mostly domestic), but also some companies that were already traded in other countries and are thus actually follow-on offerings, banks and S&Ls (11 offerings, most of which are typically mutual conversions with depositors buying the stock), oil & gas partnerships or unit trusts (0 offerings), ADRs (36 offerings), REITs (5 offerings), 613 special purpose acquisition companies (SPACs), 10 closed-end funds (not including interval funds listed at ), other unit offerings (1 offerings), IPOs that do not trade on the NYSE (including NYSE MKT) or Nasdaq (0 offerings), IPOs with an offer price below $ (12 offering), and small best efforts deals (8 offerings, not all of which were small, but all but one were banks).

9 There were also 6 direct listings. There are also several bulletin board-traded issues that I (and Dealogic) classify as follow-ons, and thus don t count, but which Thomson-Reuters classifies as IPOs. Note: Many of these tables have been Updated to include 2021 numbers with the assistance of Da Tian. Some of the tables may have slightly different counts for the number of IPOs in some years. These inconsistencies are because I periodically add or delete a company that had been misclassified or find some missing data. I do not immediately update every table.

10 I rely on data from Thomson Reuters (SDC) and Dealogic, but also use information from and Renaissance Capital and the prospectuses, and other sources. For IPOs from June 1996 and later, the prospectuses ( form 424B) are available on EDGAR. For IPOs from 1975-1996 (the pre-EDGAR days), I have most of the original paper prospectuses courtesy of Graeme Howard and Todd Huxster. For foreign IPOs from 1996-2000, the did not require electronic filing, so they are not available on EDGAR, but I have the paper copies for many of them. In almost all of my tables, I use a more conservative definition of what is an IPO than most other data providers.